The Dubai Financial Services Authority has taken action against Symphony Services Limited for providing the DFSA with false and misleading information.
I issued Dubai Financial Services Authority Today, decision notices To impose sanctions Symphony Services Limited and its CEO, a company registered in the Dubai International Financial Centre (DIFC). The penalties on Symphony Services Limited include a fine of US$210,000 (AED771,330) and the withdrawal of the company’s registration as a non-financial business entity; while the penalties on the company’s CEO, Daniyar Jabarkulov, include a fine of US$140,000 (AED513,221), in addition to prohibiting him from holding any position or being an employee of any licensed person, non-financial institution, entity or investment fund, and prohibiting him from practicing any profession or obtaining employment in or from the DIFC related to the provision of financial services.
Symphony Services Limited was registered with the Dubai Financial Services Authority in September 2016 as a designated non-financial business and profession specialising in the provision of services and at all relevant times, Daniyar was the Chief Executive Officer and Director of Symphony Services Limited.
The DFSA took action against Symphony Services Limited for the following reasons: providing the DFSA with false and misleading information. In December 2021, when requested to provide information and documents for an AML risk assessment by the DFSA, Symphony Services Limited prepared documents with incorrect dates to meet the request; and failing to comply with the DFSA’s requirements and obstructing its business. On 23 March 2022, Symphony Services Limited did not allow the DFSA to assess and copy the information and documents requested during a visit to the company’s premises.
The DFSA took action against Daniyar because he was aware of the conduct of Symphony Services Limited and had a direct role in the above-mentioned violations committed by the company.
Based on the settlement agreement between Symphony Services Limited and Daniyar with the Dubai Financial Services Authority, the two fines were reduced by 30% as part of the settlement discount.
Without these deductions, the DFSA would have imposed fines of US$300,000 (AED1,101,000) on the company, in addition to withdrawing its DNFBP registration, and US$200,000 (AED734,000) on Daniyar, in addition to the ban and restriction.
Waleed Al Awadhi, Chief Operating Officer of the Dubai Financial Services Authority, said: “Firms in the Dubai International Financial Centre must provide the Dubai Financial Services Authority with accurate and reliable information to ensure full compliance with regulatory requirements. Any attempt to mislead the Dubai Financial Services Authority or obstruct its efforts, or negatively impact the integrity of its financial system, will be met with strict action and decisive penalties. We are committed to maintaining the highest standards of transparency and accountability.”
